HC Deb 25 March 1970 vol 798 cc1428-9
37. Mr. Goodhew

asked the President of the Board of Trade if he will hold an inquiry into the takeover of Handley Page Limited by the Cravens Corporation.

Mrs. Gwyneth Dunwoody

My hon. Friend the Joint Parliamentary Secretary to the Ministry of Technology explained in the debate on 12th March why the Board of Trade does not consider that an inquiry would be justified.

Mr. Goodhew

Is the hon. Lady aware that there are shareholders who are very anxious about the fact that, when the receiver was appointed on 3rd August last year, no statement of affairs as at that date was produced, as required under Section 372 and Section 373 of the Companies Act, 1948, and that the first statement of affairs appeared on 30th November and that they regard this as inadequate and inaccurate? Is there anything which she can do to help them?

Mrs. Dunwoody

We have at present no evidence to enable us to act under the Companies Act, but I am prepared to look at any extra evidence which the hon. Gentleman brings to my attention.

Mr. Orme

Is my hon. Friend aware that the workers in this industry, particularly in this firm, are gravely concerned at events and at the fact that they have not been properly compensated and that money is owing? They are asking for a public inquiry. Will she not look into this matter again?

Mrs. Dunwoody

I sympathise with any workers involved in the liquidation of a company for which they have worked for a considerable time, because they face considerable difficulties. I am afraid that the Companies Acts do not give us any powers which we could possibly use in this sort of field. Under our present powers, we have no justification for interfering at present.